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DEBT SERVICE COMPARISON
<br />The 2012 — 2027 maturities of the Series 2005A Bonds totaling $17,040,000 are currently
<br />outstanding at an average coupon of 4.48%. Given current market conditions, we estimate these
<br />maturities could be replaced with a new general obligation bond issue with a stated final
<br />maturity of 2031 at an average interest rate of 2.55%.
<br />The debt service comparison showing the scheduled debt service versus the new estimated
<br />combined debt service is illustrated below. The estimated combined debt service for the new
<br />Series 2012A Bonds is shown as Exhibit A.
<br />Debt Service Comparison
<br />Date Total P+I Net New D/S Old Net D/S Savings
<br />12/15/2012 1,025,121.83 996,488.20 1,488,876.44 492,388.24
<br />12/15/2013 1,019,665.00 1,019,665.00 1,473,516.50 453,851.50
<br />12/15/2014 1,037,355.00 1,037,355.00 1,476,841.50 439,486.50
<br />12/15/2015 1,058,955.00 1,058,955.00 1,470,504.00 411,549.00
<br />12/15/2016 1,079,372.50 1,079,372.50 1,472,891.50 393,519.00
<br />12/15/2017 1,098,532.50 1,098,532.50 1,468,579.00 370,046.50
<br />12/15/2018 1,115, 982.50 1,115, 982.50 1,442, 779.00 326, 796.50
<br />12/15/2019 1,136,232.50 1,136,232.50 1,436,341.50 300,109.00
<br />12/15/2020 1,159, 082.50 1,159, 082.50 1,455, 941.50 296,859.00
<br />12/15/2021 1,179,717.50 1,179,717.50 1,411,001.50 231,284.00
<br />12/15/2022 1,182, 557.50 1,182, 557.50 1, 361, 061.50 178, 504.00
<br />12/15/2023 1,183,207.50 1,183,207.50 1,436, 331.50 253,124.00
<br />12/15/2024 1,186, 587.50 1,186, 587.50 1,444, 784.00 258,196.50
<br />12/15/2025 1,182,962.50 1,182,962.50 1,455,626.50 272,664.00
<br />12/15/2026 1,182,872.50 1,182,872.50 1,493,641.50 310,769.00
<br />12/15/2027 1,186,142.50 1,186,142.50 (25,118.50) (1,211,261.00)
<br />12/15/2028 1,182, 072.50 1,182, 072.50 (1,182, 072.50)
<br />12/15/2029 1,186, 245.00 1,186, 245.00 (1,186,245.00)
<br />12/15/2030 1,183, 305.00 1,183, 305.00 (1,183, 305.00)
<br />12/15/2031 1,182, 785.00 1,182, 785.00 (1,182, 785.00)
<br />Total
<br />$22,748,754.33 $22,720,120.70
<br />$21,763,598.94 (956,521.76)
<br />PV Analysis Summary (Net to Net)
<br />Gross PV Debt Service Savings 1,928,023.96
<br />Effects of changes in DSR investments (1,531,115.79)
<br />Net PV Cashflow Savings @ 2.504%(Bond Yield) 396,908.17
<br />Accrued Interest Credit to Debt Service Fund 25,110.42
<br />Contingency or Rounding Amount 3,523.21
<br />Net Present Value Benefit $425,541.80
<br />Net PV Benefit / $19,688,134.38 PV Refunded Debt Service 2.161%
<br />Page 3
<br />NORTHLAND SECURITIES
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